Vilfredo Pareto was a controversial Italian economist who derived a mathematical formula that demonstrated a grossly uneven but predictable distribution of wealth in society. Pareto claimed that 80% of the wealth and income was produced and possessed by 20% of the population. He then went on to point out that this principle actually applies in many situations when he discovered that 80% of the peas in his garden came from 20% of the pods. As you may be aware, this rule is often touted in business (80% of income from 20% of customers) but if you pay attention it’s pretty crazy how it applies to your whole life and you can use it to your benefit.
Economics = Snoozer..?!? You’re asking how in the world does this apply to you? Well, if you happen to be looking to do a little spring cleaning in your house or your life you might want to take this info into account. Most people wear 20% of their wardrobe 80% of the time. TaDa…makes closet cleaning easier. In most relationships 80% of the frustrations are caused by 20% of the problems…excellent, let’s not sweat the small stuff then. Eating healthy 80% of the time leaves 20% of the time to indulge…well that’s pretty do-able! See, old Freddie Parettie was onto something back in 1896!